CHARLOTTE, NC—San Francisco-based The Ehmer Group, a member of Hotel Brokers International, has sold the 119-room Country Inn & Suites by Carlson, Charlotte I-85 Airport, located here.
Richard Ehmer, president and principal broker of The Ehmer Group, represented the seller, Ra’s Hotels, Inc. Ye’s Hotels, Inc., the buyer, acquired the hotel as the first property in their portfolio. They have retained Strand Development Company’s hospitality services division as their management company to manage the hotel and oversee a more than $1.5-million property improvement plan (PIP) that has been issued by franchisor Carlson Rezidor Hotel Group.
The limited-service property has been on and off the market multiple times since 2008. This was the seller’s only property, while The Ehmer Group was retained to assist them with the sale of the property as they existed the business. According to the company, it was urgent to sell the property before having to complete the extensive PIP, encompassing a full property renovation including upgrades to the interior and exterior of the building, replacing all FF&E and bringing the property in compliance with Country Inn & Suites’ new standards from Carlson.
President Ehmer stated, “Marketing the property under these conditions was challenging. And, securing financing for the deal would have also been an incredible task due to the age of the property, the required renovation costs and lack of strong financials prior to 2013.”
The Ehmer Group fully vetted the market, presenting the deal to both principals and brokers and eventually secured an all-cash buyer, Ye’s Hotels, off-shore investors from China who had relocated here.